I want to know the use of asset clearing account. I am using it for Cash Sales.
When i post Retirement with revenue (without customer), entry passed is:
Accumlated Depn A/c
Asset Sale Clearing A/c (Sales Price)
Loss on sale FA
To Asset A/c (Cost of asset)
Then i do FBCJ for cash reciept where i pass entry as:
Cash A/c.... Dr
To Asset Sale Clearing A/c
Is this right ?